The Taxation Proposals.

Gisborne Standard and Cook County Gazette, Volume V, Issue 637, 23 July 1891, Page 2

The Taxation Proposals.

INTENTION OF GOVERNMENT. [special to standard ] Wellington, last night. The Taxation Bills will probably be introduoed this evening as a message frotq the Governor, The Income Tex exempts trade and commerce to £3OO, instead of £l5O, the exemption originally proposed. The Land Tax exemptions will stand at £3,000, and graduation is continued up to £210,000, instead of £lOO,OOO as proposed in the Financial Statement, The graduated Land Tax is :— £5,000 to £ls,ooo—one-eighth of penny £lO,OOO to £2o.ooo—two-eighihs of pen. £20,000 to £3o.ooo—three-eigbths of pen. £30,000 to £4o,ooo—four-eighths of pen. £40,000 to £so,ooo—five-eighths of pen. £50,000 to £7o,ooo—six-eighths of pon. £70,000 to £9o,ooo—seven-eigths of pon. £90,000 to £llo,ooo—one penny £llO,OOO to £l3o,ooo—one and one-eighth of pen. £190,000 to £lso,ooo—one and one-fourth of pen. £150,000 to £l7o,ooo—one and throe eighths of pen. £170.000 to £l9o,ooo—one and half of a pon. £190,000 to £2lo,ooo—.one and five-eighths of pen. £2lo,ooo—one and threc-fourths of pen, The tax is to be assossod on the unimproved value of the land, no deductions to be made for mortgage from the value of the land from which such graduated tax is payable. The tax on the income of companiee includes all profits, and every company shall have tho right to reoover from debenture holders the tax so paid. Income Tax. Income derived from business means gains or profits derived or received In New Zealand from any trade, manufacture, idventure or concern in the nature of trade, whether in New Zealand or elsewhere. Deductions by way of exemption to £3OO are allowed, but no person, whether in partnership or carrying on business alone, shall be allowed more than one such exemption, either in rospeot of businose employment or emolument)